Fri.Apr 27, 2018

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Sinpagore to Speed Up Its Fintech Patent-Granting Process

Bank Innovation

Singapore is taking another step towards cementing itself as the top fintech hub in the world. Today the Intellectual Property Office of Singapore (IPOS) said it would speed up the patent granting process for fintechs in the country. Singapore, according to a Deloitte study, ranks first along with London, among 44 hubs across the globe. […].

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The wait is over: Why real-time redemption makes loyalty better

Payments Dive

Julian Wallis, the retail director at Rambus, believes better value-added services can help retailers reverse declining revenue growth.

Retail 236
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Synechron’s RegTech Program Aims to Help Banks Reduce Compliance Costs

Bank Innovation

EXCLUSIVE - Technology services provider Synechron launched a regtech program focused on helping its financial services clients on regulatory compliance issues. The program, which Synechron refers to as its Regtech Accelerator Program, went live yesterday. Although it is called an accelerator, the model of the program is based on Synechron's blockchain project (also called an […].

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Top Subscription Services Find Success With Free Trials

PYMNTS

In many businesses, acquiring customers used to be a function of where the business was located — a high traffic intersection for a convenience store or a well-heeled mall for a clothing retailer. Technology, of course, changed all that. It’s also made the offering of subscription services a robust channel for a business to operate in. By one measure , subscription company websites have seen visitor growth of over 800 percent since 2014.

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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper

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Cashback App Dosh Raises $44M, With PayPal Backing

Bank Innovation

Cashback startup Dosh has raised $44 million to expand its product development, the startup announced yesterday, a Series A round that included participation from Goodwater Capital and PayPal. The company will use the funds, combined with the $18 million it had previously raised over the past year, to expand its “technical capabilities,” according to company […].

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Zelle Processes $25B in Payments After Reports of Fraud

Bank Innovation

P2P payment provider Zelle processed $25 billion in payments during the first quarter of 2018, the service reported yesterday, a more than 15% increase from last quarter. While this seems to be a good deal higher than the payment volume of its competitor service, Venmo (owned by payments company, PayPal), these statistics come after several […].

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Five At Five: QSR Kiosks Make Gains, But Will Customers Follow?

PYMNTS

Welcome to Five at Five , your late look at some of the freshest payments news of the day. Today’s stories include an up-to-date analytical report about which ordering and payment technologies are making the most gains in restaurants and how iris scans can beat out other biometrics. Coverage also discusses the future of consumer financial management and a new sense of stability around bitcoin.

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3 Startups to Watch: YingBank, Upgrade, and Teampay

Bank Innovation

With fintech funding on the rise, new startups that want to make their mark on the financial ecosystem are sprouting up every day. From those that focus on payments or mobile, to the ones leveraging social media, blockchain, and artificial intelligence, there’s a global hoard of startups that want to muscle into the banks’ territory […].

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US Lawmaker Wants To Ban ICOs

PYMNTS

While the U.S. Securities and Exchange Commission’s William Hinman said the agency is “striving for a balanced approach” between digital currencies and initial coin offerings (ICOs), a U.S. congressman is taking issue with this line of thinking. U.S. Representative Brad Sherman (D-Calif.) thinks ICOs are detrimental to the economy, CoinDesk reported.

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The State of Automation in Financial Services 2024 Report

In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202

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4.27.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Citi, BBVA boost Apple Pay's reach; Mastercard extends financial inclusion deal; Biometrics advances for foreign exchange; Lattesso brews blockchain marketing.

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China’s ‘Little Red Book’ Seeks $200M Investment

PYMNTS

As it seeks to speed up its eCommerce expansion, China’s Xiaohongshu or “Little Red Book” is seeking new funding. According to people familiar with the matter, Xiaohongshu wants to raise at least $200 million at a valuation of over $2.5 billion, Business of Fashion reported. While Xiaohongshu’s plans are still in the early stages, the company is seeking a valuation that is more than double what it sought in its last funding round two years ago.

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The U.K.'s rampant contactless card use is not built on trust

Payments Source

Contactless payments have become increasingly popular in the U.K. over the past couple of years due to the advantages they offer in terms of speed and ease of payment — but despite this, much of the U.K. public does not trust the format.

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In-Store Kiosks A Sign Of QSR Innovation

PYMNTS

There’s a rule of thumb at fast food and quick-serve restaurants (QSR): a seven-second reduction in customer wait time results in an average 1 percent gain in market share. Achieving those mission-critical seconds has never had more options, with the QSR industry in the midst of enjoying a boom in new technologies that promise to reduce wait times while boosting food quality and customer service.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.

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Mastercard promotes Louveaux to chief privacy officer as GDPR nears

Payments Source

Mastercard has appointed Caroline Louveaux, one of its longtime data privacy experts, to be chief privacy officer, operating from the company’s offices in Brussels.

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Amazon’s Marketplace Struggles With Mislabeled Goods

PYMNTS

While Amazon has spent years looking into counterfeit and otherwise mislabeled goods, the company continues to face the challenge of overseeing its own eCommerce platform. Through Amazon’s Marketplace, The Guardian was able to obtain several goods that weren’t as described. For example, The Guardian received genuine Apple iPhone chargers that were separated from returned and refurbished devices but were being sold as new.

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Mint drops bill payments as its service narrows

Payments Source

Bill payment proved too unwieldy for Intuit’s personal finance app Mint, and the feature will be discontinued in June, about 18 months after it launched.

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MoviePass Changes Ticket Policy

PYMNTS

After making changes to its Android app and terms of service, MoviePass is adding another modification to its platform: Subscribers can now only watch a particular movie through its movie ticket subscription service one time, Android Central reported. “We recently updated our Terms of Service to reflect that MoviePass subscribers are only permitted to see a select movie in theaters once with your MoviePass,” the company wrote on its website.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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U.K. Fintech Revolut Worth $1.7 Billion After New Funding Round

Payments Source

In one of the biggest fundraising rounds for a European fintech this year, Revolut Ltd., a U.K. startup that provides digital banking, received $250 million.

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Kaspersky Lab Sees Rise In Botnet Activity

PYMNTS

Kaspersky Lab saw an increase in activity by both old and new botnets as well an increase in popularity of amplification distributed-denial-of-service (DDoS) attacks in the first quarter of 2018. The company also noticed the return of long-lasting (multiday) DDoS attacks, according to its 2018 DDoS Intelligence Report. The cybersecurity company noticed a particularly long DDoS attack that lasted 297 hours — more than 12 days.

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7 of Square's most transformative deals

Payments Source

Square has come a long way since it debuted in 2009 with a simple plastic card reader for micro-merchants. But it didn't make its journey alone.

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The 1s And 0s Of A Solid AI Banking Rollout

PYMNTS

Lifestyle banking, including conversational banking components across web, mobile, messaging and voice channels, could be the wave of the future when it comes to consumer financial management. But first, it’s going to have to see widescale implementation and adoption. That’s very different from rolling out lifestyle banking experiences to a few hundred customers in a pilot program.

Training 101
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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

Get ready for the wave of $1.2 trillion in commercial debt maturing in the next 24 months with GoDocs' ModDocs® platform. Traditional loan modifications are slow, expensive, and prone to errors, which put lenders at risk. But with ModDocs®, you can enjoy an innovative solution that eliminates attorney fees, allows on-the-fly loan modifications, and ensures compliance.

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Bankers can't be too cautious with crypto

Payments Source

Financial institutions engaged in virtual currency markets face a number of risks — proceeding carefully is justified.

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Samsung Hits Record Profit In Q1 But Warns About Display Panel Problems

PYMNTS

Samsung posted its best operating profit ever in its first-quarter 2018 earnings results, but the manufacturer also had other news: A slowdown is looming for its display panel unit, which makes organic light-emitting diode screens for its own smartphones and Apple’s iPhone X. Sluggish demand for those screens, commonly called OLED, depressed display unit profits in the first quarter, a trend that Samsung expects to continue in the coming months.

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Discover’s credit quality weakens, but profits climb on tax savings

Payments Source

The credit card lender reported a decline in pretax earnings, but a sharply reduced tax bill led to a 17% profit gain.

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Pretzel-Themed Clothing Is Coming (Thanks Auntie Anne)

PYMNTS

There are many ways to celebrate a 30th birthday, and Auntie Annie’s — purveyor of hot pretzels at malls nationwide — has decided that instead of an ill-conceived tattoo or a wild new haircut, the company will instead be releasing a clothing line all their own. Pretzel-themed , of course. The line will also come complete with yoga bag, mugs and other accessories — just in time for National Pretzel Day (which technically was yesterday, April 26, but really, isn’t it always pretzel day in our hear

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.